An online property title transaction system was developed to streamline real estate processes. Transferring property ownership is one of the most challenging aspects of buying real estate, raising many questions such as when the seller receives the full payment and how the buyer gets the title deed. To simplify this process, TKGM (General Directorate of Land Registry and Cadastre) and TAKASBANK (Central Bank for Clearing and Settlement) developed an online property title exchange system. This new system facilitates secure and smooth payment transactions, enhancing the ease of dealings between parties involved in real estate deals.

TapuTakas: A Secure System for Online Property Title Exchange

TapuTakas is a property title exchange system that acts as an intermediary between the seller and buyer to ensure the transaction's security. The system fully integrates with Takasbank and Takbis (Tapu ve Kadastro Bilgi Sistemi). The system eliminates the need for mutual trust between sellers and buyers, as Takasbank guarantees the funds and TAKBİS retains the property title for secure transactions. The system operates on various digital platforms, such as smartphones, tablets, and computers, allowing both parties to safely complete their transactions from any internet-connected location. Thanks to TapuTakas, a high level of security and trust is achieved in real estate title deed deals.

How the Property Title Exchange System Works:

The process of transferring a property title requires the seller to submit a request to TKGM.

In the first step, the seller and buyer must register on the system using the electronic payment receipt number received from TKGM and provide their identification information via www.taputakas.com.tr or the "Tapu Takas" mobile app (available on Android and iOS). After registration, the seller selects the appropriate transaction type on the property title exchange page, either as an individual (requiring an ID number), a foreigner (requiring a tax identification number), or a legal entity (requiring a tax number). The owner is asked to provide company or personal information, a bank account number (IBAN), postal address, and physical address details. The seller also needs to provide information about the sale price and the property, including the province, district, neighborhood, land details, and its independent section. Once changes are saved, the system sends a confirmation message containing the information and a reference number for Takasbank, which the buyer must forward to the bank.

After receiving the Takasbank reference number (TVS reference number), the buyer follows the same registration steps as the seller, with the only difference at the registration's end. The buyer is asked to enter the "TVS reference code" sent by the seller. When the registration phase is saved by both the seller and buyer, they also commit to paying the property title exchange commission fees. 

In the second step, after logging in and confirming the changes by the seller and buyer, the Takasbank and Takbis systems match all the information. Once the matching process is complete, the buyer receives an SMS notifying them to transfer the commission fees.

In the third step, the buyer (and the seller is also allowed) can pay fees to Takasbank. Both parties must write their electronic payment codes in the explanation during the payment process. Note: Only the account information registered during the registration process should be used during payment. Otherwise, the transferred amount will be automatically refunded.

In the fourth step, after the money transfer is completed, both parties receive an SMS notifying them that Takasbank guarantees the sales amount until the property title exchange process is completed. Generally, the property title is transferred on the same day. However, if the property title transfer is after working hours, the payment is sent to the seller on the next business day.

Commission Fees for Property Title Exchange:

A commission fee will be charged for the property title exchange process, regardless of the property's price. Since the commission fee is for using the system, this amount is non-refundable, even in the case of sale cancellation.

Property Title Exchange System's Cancellation Policy:

The ability to cancel the sale at any stage is one of the advantages of the property title exchange system, where no party is subjected to any strict commitment. If the seller or buyer wishes to cancel the deal, the sales amount is returned to the buyer's registered bank account by Takasbank, which is one of the system's advantages at this stage. If the property title transfer is not signed at the land registry office within 29 days after completing the online transfer processes, or if the parties are not informed of the deal's cancellation, the monetary amount will be returned to the buyer's account on the 30th day after the sale.

Advantages of the Property Title Transaction System:

- Advanced Technology: The property title transaction system is a more advanced technology, offering benefits like saving time and costs.

- Risk Protection: It removes risks related to fraud, theft, embezzlement, and money forgery. It allows the buyer and seller to complete the deal by themselves easily using a user-friendly interface.

- Easy Tracking: The buyer and seller are notified at every step via SMS notifications, allowing easy tracking of the exchange process. Every step can be tracked and its status verified using the "Check Status" option.

- Building Trust: It provides trust for both parties in the deal. In case of a sale cancellation, the amount is safely returned by the Takasbank system. The seller can sign the title deed at the land registry office after seeing the sales amount in the Takasbank account.